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2000 SESSION

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SB 492 Income tax; earned-income tax credit.

Introduced by: Linda T. (Toddy) Puller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; earned-income tax credit. Allows a refundable earned-income tax credit for low-income individuals. The amount of the credit is graduated starting at ten percent of the federal earned-income tax credit for individuals with Virginia earned income of $11,000 or less and decreasing by one percentage point to two percent of the federal earned-income tax credit for individuals with Virginia earned income in excess of $18,000 but not greater than $19,000. The credit will be available for taxable years beginning on and after January 1, 2000.


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